Current News

Vermont Business Magazine People's United Financial, Inc(NASDAQ: PBCT) has reported net income of$75.9 million, or$0.24per common share, for the fourth quarter of 2016, compared to$70.8 million, or$0.23per common share, for the fourth quarter of 2015, and$73.7 million, or$0.24per common share, for the third quarter of 2016.People's United Financial is the parent of People's United Bank, with branches across Vermont.

Included in this quarter's results were merger-related and acquisition integration costs of$1.6 million($1.0 millionafter-tax), or less than$0.01per common share, compared to$3.1 million($2.1 millionafter-tax), or$0.01per common share, for the third quarter of 2016. Fourth quarter 2015 results included a gain of$9.2 million($6.1 millionafter-tax), or$0.02per common share, resulting from the sale of the Company's payroll services business.

Vermont Business MagazineFreshTracks Capital has launched a new venture fund designed to heat up new business in Vermont.FreshTracks Capital IV – the fourth fund in FreshTracks Capital’s family of Vermont-focused early-stage investment funds – will target investment in up to 15 new companies over the next few years, the firm said in announcing the new fund.

Vermont Business Magazine Rutland Mayor Chris Louras posted his statement and President Trump's draft executive order, reportedly in effect Thursday, that will stop the Syrian refugee resettlement program and reduce the number of immigrants allowed into the United States until further notice. Louras wrote a bitter statement on his official Facebook page in reaction to the president's order. Two families wereresettled in Rutland last week. Louras had initiated the process last year to bring about 100 refugees to Rutland. He received both support and push back from Rutlanders about the program. He ultimately prevailed locally, but, apparently, not nationally.

Vermont Business MagazineBlue Cross and Blue Shield of Vermont (BCBSVT) achieved the highest possible ranking in member satisfaction and efficiency metrics for the fourth year in a row, retaining its distinction as the number one Blue Cross Blue Shield (BCBS) Plan in America in overall service to its members. “The focus of our company is on creating positive member experiences, and our entire organization stands by that commitment,” shares Don George, BCBSVT President & CEO. “We are very pleased to have received the distinction as the top performing Blue Plan four years running, and we continue to look for ways to improve the service we provide to Vermonters.”

Vermont Business Magazine Darn Tough Vermont, the Northfield-based maker of performance outdoor and lifestyle socks, said it sawdouble-digit growth in 2016. After a slow first and second quarter due to last year’s mild winter, the Vermont sock company rebounded in Q3 and Q4 to post an increase of 22 percent year-over-year.

Vermont Business Magazine Senator Patrick Leahy (D-Vermont) reacted angrily to accusations made Wednesday by President Trump, who reiterated claims that at least 3 million illegal immigrants cast ballots for Hillary Clinton. The president has called for an investigation into voter fraud. Clinton won the popular vote by nearly 2.9 million votes. Trump won the electoral college 304-227.

Vermont Business MagazineToday Attorney General Donovan announced a task force on immigration to advise the Attorney General on his legal authority with regards to enforcement of Federal Immigration law. The task force will begin an open and thorough discussion on the power of the Vermont State Attorney General to ensure Vermonter’s Constitutional rights are protected.

Vermont Business Magazine Vermont licensed 26 new captive insurance companies in 2016, according to data released by the Vermont Department of Financial Regulation. The new captives were made up of 15 pure captives, 5 Risk Retention Groups (RRGs), 3 special purpose financial insurers, 1 sponsored captive, 1 industrial insured captive, and 1 association captive. There were 8 companies in the healthcare sector to form new captives in 2016. Two captives were redomesticated from the Cayman Islands and one from Washington, DC.

"It's great to see another strong year of growth for captive insurance in Vermont," said Vermont Governor Phil Scott. "This industry has continued to be an important contributor to our economy, and its 2016 growth - particularly in the healthcare sector - along with the national and international awards Vermont has received, reinforces our 'Gold Standard' reputation in this sector."

Vermont Business MagazineOn Friday, January 20, eight Vermont businesses were presented with a Good Food Award at the gala Awards Ceremony, which took place at the historic Herbst Theater in San Francisco, California. Chosen from 2,059 entrants and 291 finalists, the Good Food Awards describes the 193 award recipients as rising to the top in a blind tasting and rigorous vetting to confirm they met specific standards around environmentally sound agricultural practices, good animal husbandry, sourcing transparency and responsible relationships throughout the supply chain.

Vermont Business Magazine Champlain College has launched its specialized Master of Science in Human Relations and Organization Development. The degree will equip graduates to manage talent and nurture business growth across the public sector, nonprofits and private industry. According to an industry study, human capital is critical to growth, which is why leaders worldwide are making HR a key function to business operations.

“Over 90 percent of executives are realizing crucial gaps to be filled at the leadership level and are targeting organizational design as a top priority,” said Mika Nash, PhD, Academic Dean of Continuing Professional Studies at Champlain College. “Champlain’s M.S. in Human Relations and Organization Development prepares those who wish to rise as business advisors to drive and achieve missions and business objectives.”

Public Assets Institute Vermont closed 2016 with the first year-over-year increase in the labor force in six years. The state’s labor force—people employed and those actively looking for work—grew after the official end of the Great Recession in 2009, then shrank for five straight years. Last month, however, the labor force rose to nearly 345,000, approximately 1,800 more workers than at the end of 2015.

Vermont Business MagazineGovernor Phil Scotton Tuesday afternoon presented his proposed budget in a joint assembly of the Legislature at the Vermont State House, while reiterating his no new tax or fee campaign pledge. The governor invited lawmakers and advocates to work with him on bold solutions to our state’s toughest challenges. These include extending "cradle-to-career" education, freezing public education budgets, closing the Windsor prison, moving to direct Vermont Health Connect enrollment and money for housing.